UPDATE: Black Diamond Misses Q4 Expectations

reported weaker-than-expected results for the fourth quarter on Monday. The Salt Lake City, Utah-based company posted a quarterly net loss from continuing operations of $0.9 million or $(0.03) per share, versus net income from continuing operations of $0.5 million, or $0.02 per share, in the year-earlier period. Its adjusted net income from continuing operations rose to $0.09 per share from $0.07 per share. Its sales rose 10% to $59.4 million from $54.1 million in the year-ago quarter However, analysts were expecting earnings of $0.11 per share on revenue of $61.56 million. Gross margin widened to 39.0% in the fourth quarter, versus 37.4%. Adjusted EBITDA gained 37% to $3.4 million from $2.5 million. Selling, general and administrative expenses climbed 8% to $21.9 million from $20.2 million. At December 31, 2014, Black Diamond had $40.9 million in cash and available-for-sale marketable securities, versus $4.5 million at December 31, 2013. Peter Metcalf, CEO of Black Diamond said, "Black Diamond Apparel and POC continued to drive our growth as we benefited from a more complete fall 2014 apparel collection, including the fall launch of our women's line, and a significant increase in sales from POC, driven by strong preseason bookings and re-orders of winter seasonal product." Black Diamond projects FY15 revenue of $208 million, versus analysts' estimates of $217.21 million. The company also announced the exploration of a full range of strategic alternatives for each of its brands, Black Diamond, POC and PIEPS. Black Diamond shares rose 0.41% to $7.05 in the after-hours trading session.